BREAKING! ETH 2.0 is no more!!! | Bitcointalksearch.org

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Quote from: darewaller on February 12, 2022, 02:20:16 AM

I am yet to read any news or article on this there new consensus layer. Whatever decision that they have made now, I know that it is something that they have discussed among themselves before deciding to carry it out. They had a reason why they started the ETH 2.0, and I believe that whatever purpose they have for the new update that there are releasing now is going to be something that will also fill up the gap for what that ETH 2.0 would have accomplished.

A lot of us has complained about the high gas fees that we experience when using ethereum for transaction, let’s hope that whatever update they are rolling out would solve this problem and any other problem that ethereum is having.

The "consensus layer" is nothing new but rather a "rebranding" by the ETH Foundation. PoS will inevitably come to the Ethereum mainnet as fees continue to rise like there's no tomorrow. I'm concerned this would reduce the decentralization of the ETH blockchain as PoS will concentrate the power in the hands of big exchanges and whales alike. Vitalik should've just made ETH a hybrid coin (PoW + PoS) separating the execution layer (smart contracts) from the consensus layer. Only then, ETH would scale without losing its decentralization.

What angers me is that developers don't do anything to solve the high gas fees in the short term. They keep stalling with the PoS upgrade, as they believe people will still use ETH no matter what. While competing chains gained traction due to ETH's high gas fees, they're nowhere near ETH in terms of mainstream adoption. With ETH still having strong market dominance, there might be no reason for developers to quickly roll out an upgrade to solve the high fees. Who knows how long will it take for PoS to become a reality on ETH mainnet? Just my opinion

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I hope that early 2022 we can get ETH2.0 whose main mission is to reduce gas costs and increase speed, but if this doesn't happen then it's time we use other coins to trade or send money, and another thing I feel is transaction speed The bad thing is, some time ago I sent ETH to an exchange and it took more than 20 minutes to reach 10 transactions.

Some people have even moved to other networks in 2020 and also last year (2021) to save on their transaction Gas fees, but if for now you are still using the ERC-20 network to make transactions, then you are the slowest person to move to another network at this time

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Quote from: indo1 on February 11, 2022, 10:02:02 PM

But no official announcement from vitalik directly, or from twitter ethereum itself, just hope they rethink about the decision of eth 2.0 not being launched. It's possible that ethereum has other plans to address their problem.

Because there is no official announcement that's why I no longer expect this to appear in the near future, because this issue has been going on for a very long time but until now it has not yet been and has not been resolved

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Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

I am not a developer and i am also not an IT-expert or an expert about how Ethereum works at the moment and how it will work once ETH 2.0 comes out, if it comes out at all, but what i always understood as "ETH 2.0" was the consensus will change from PoW to PoS and that ETH 2.0 will also bring the ETH fees down to a reasonable value again. I also read a few times in the past already that it could be a misunderstanding that the switch to ETH 2.0 automatically means, that the fees will go down drastically but i still always hoped that. I don't know what the reason behind the rebranding of the update is, but it seems like they already won't to prevent that the hopes go up to high regarding the reduction of fees.

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Quote from: masterrex on January 27, 2022, 06:50:28 AM

Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

IMO, I think it is up to everyone in the community because in myself I believe Ethereum is already great even before! until it was changed when the expensive gas problem has become the center of controversy and problem in the Platform. I don't care about those delayed and blah blah about the Eth. 2.0 development all I care about is sustainable, smooth, and much cheaper transaction fees.

Well exactly, the Eth transaction fee has been the bane of the whole issue, I don't believe anyone had that much of a problem with the Ethereum network until this crazy transaction fees thing, and the hope was with ETh 2.0, transactions fees will be corrected at least to a reasonable level. Whether it is rebranded or not, the plight of the investors is with the transaction fees.

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So they are changing their terms at the middle of waiting? Im not sure is this a good announcement. People are eagerly waiting for the pump and even the migration to a new network. People expecting a big change and all eth can do is rebrand and so called improvements? This is nto a fud but I could say majority are gonna get pissed. Vitalik is keep promising and then later on changing his mind.

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I am yet to read any news or article on this there new consensus layer. Whatever decision that they have made now, I know that it is something that they have discussed among themselves before deciding to carry it out. They had a reason why they started the ETH 2.0, and I believe that whatever purpose they have for the new update that there are releasing now is going to be something that will also fill up the gap for what that ETH 2.0 would have accomplished.

A lot of us has complained about the high gas fees that we experience when using ethereum for transaction, let’s hope that whatever update they are rolling out would solve this problem and any other problem that ethereum is having.

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I think the presence of ETH2.0 is not a profitable thing for ERC, if what is achieved is low cost, of course there are platforms that are cheaper than ETH, devs. Of course you know the expensive transaction fees are in accordance with what the user gets.

There is no way that they would have a plan or make a decision of changing the ETH 2.0 without having a better replacement for it. So, I believe that before they made this decision that they might have come up with a better plan, and whatever this consensus layer is it is going to be far much better than the ETH 2.0 that was meant to be released before.

If it wasn’t a better option, I believe that the devs wouldn’t have gone for it. Because they must have discussed about it and among themselves to know whether it’s a good decision or not, and according to what I’ve seen so far this new update is far much better.

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But no official announcement from vitalik directly, or from twitter ethereum itself, just hope they rethink about the decision of eth 2.0 not being launched. It's possible that ethereum has other plans to address their problem.

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Just think the issue of ethereum gas is so high, don't they think about it? we actually had the main problem in high gas transactions, but ethereum 2.0 didn't launch , but hopefully the developers think again to solve the problem of high gas costs.

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Quote from: tvplus006 on February 11, 2022, 11:04:13 AM

This is just a play on words and there is no meaning as it will be called. Regardless of the name, the main thing for Ethereum developers is to work on reducing the transaction price and scalability. And the work on rebranding should be attributed to a later date, when the main problems of the network will be eliminated.

Nothing has changed really, only the name itself. The focus of the rebranding is still to reduce the ethereum's high gas fees and to lessen cases of fraudulence. ETH 2.0 is no more, but we have the incoming "Consensus Layer" rebrand that aims to provide improvement for the whole network. Hopefully, we can see positive feedbacks in the next months as most of the ethereum users find it hard to afford the current high gas fees.

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Quote from: Mpamaegbu on February 11, 2022, 02:53:38 PM

It's still a miracle why that cataclysmic news hasn't brought ETH down on its knees with a sharp dip till now. It shows how strong the ETH community is in support of Ethereum. That news would've taken some projects off the radar and beneath recovery forever. Sometimes, despite my frustrations about the high gas fees of ETH ( a few times that I had to use it), I jerk myself back to reality of the great importance of Eth. I mean, it gave us the smart contract which many projects built on before diversifying. That is one thing we haven't got from Bitcoin – smart contract.

I hope the first part of your post is ironic because if not, it would mean you have no idea what you are talking about. The information provided by the OP concerns in practice only change of the name of the upcoming fork on Ethereum. From what I understand, if there are any technical changes at all, it will only be cosmetic.
As for the second part of your post, there is no doubt that the Ethereum platform is the king of smart contracts and if the switch to PoS is successful, there is a chance that it will also become the king of cryptocurrencies.

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It's still a miracle why that cataclysmic news hasn't brought ETH down on its knees with a sharp dip till now. It shows how strong the ETH community is in support of Ethereum. That news would've taken some projects off the radar and beneath recovery forever. Sometimes, despite my frustrations about the high gas fees of ETH ( a few times that I had to use it), I jerk myself back to reality of the great importance of Eth. I mean, it gave us the smart contract which many projects built on before diversifying. That is one thing we haven't got from Bitcoin – smart contract.

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This is just a play on words and there is no meaning as it will be called. Regardless of the name, the main thing for Ethereum developers is to work on reducing the transaction price and scalability. And the work on rebranding should be attributed to a later date, when the main problems of the network will be eliminated.

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Ethereum agreement layer, CMIIW. In any case, with the said rebranding, it's actually intending to decrease the expenses and the update that we expected to see notwithstanding some way or another the increment in charge is as yet decent. The more it takes to turn into a reality, the more ETH will lose ground available. What is important is decentralization. However long ETH can remain decentralized even subsequent to embracing PoS, there ought to not be anything to stress over. Simply my perspective.

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Ether can't run what it currently has because they have more gas free and you think Ether 2.0 will come. This is never possible because no one will buy it until Ether gas is free or coma. And the owner of the ether will not want to reduce the abela so it will definitely not come

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Quote from: evichi on February 11, 2022, 07:23:29 AM

One of the reasons behind the concept of Ethereum 2.0, in my opinion, is to reduce gas fees and generally make Ethereum more user friendly. The consensus layer or other terminology they are using to describe what they intend to do or what they are doing already is not really an issue. What matters most to me is: Will they make Ethereum better? Will the gas fees be lower or even lower than BSC network? So far they achieve a positive target that will enhance the quality of Ethereum, then whatever terminology it is they are using should not be the issue. All that people want is a better Ethereum especially - reduction of gas fees. In addition, one of the reasons they gave, as explained on the website (https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand) for deviating from Ethreum 2.0 is to eliminate scam, which I think is really major - looking at the current trend of scam activities in crypto industry.

I agree with swami that changing the name will not change anything. Ethereum 2.0 will not solve the fee problem in the beginning. In a further update, we are promised the launch of 64 shards, which will increase the TPS of the ecosystem to 2000. Further, the number of shards will increase. But don't expect low L1 fees for the next 2 years.

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One of the reasons behind the concept of Ethereum 2.0, in my opinion, is to reduce gas fees and generally make Ethereum more user friendly. The consensus layer or other terminology they are using to describe what they intend to do or what they are doing already is not really an issue. What matters most to me is: Will they make Ethereum better? Will the gas fees be lower or even lower than BSC network? So far they achieve a positive target that will enhance the quality of Ethereum, then whatever terminology it is they are using should not be the issue. All that people want is a better Ethereum especially - reduction of gas fees. In addition, one of the reasons they gave, as explained on the website (https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand) for deviating from Ethreum 2.0 is to eliminate scam, which I think is really major - looking at the current trend of scam activities in crypto industry.

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Ethereum in my perspective has been a failed project, barely clinging on, thanks to its former popularity and large market cap. There are better chains that have already started like Solana. By the time we see any improvement to Ethereum, it will be already too late. Unless those changes are coming sooner than later Ethereum will be left behind. Currently it would seem Binance Smart Chain is the best popular alternative for token smart contracts.

Although I still dislike BSC for not being as decentralized as Ethereum. Tongue

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I think the presence of ETH2.0 is not a profitable thing for ERC, if what is achieved is low cost, of course there are platforms that are cheaper than ETH, devs. Of course you know the expensive transaction fees are in accordance with what the user gets.

It's not about being profitable to the devs or to everyone. But the purpose of ETH 2.0 is to scale things up and change anything that makes the fee too much.
But there's no need to think about eth 2.0 anymore. They've re-labeled it into a new name but still the same purpose. They have to apply that as soon as possible which we've been waiting for a year or two ago, for that long.
We're good to choose the other networks that have cheap fees and that's actually a good choice for us. And eth being a stable top altcoin, it will remain there and despite the high and unstable fee it has, many will remain.

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I think this is bad news, because ethereum 2.0 promised to immediately fix the transaction gas, we canceled it, and for future updates there is no more ethereum 2.0 or hope for ethereum gas to return to normal. maybe some of us really have to change the network to BNB or SOL.

There will be no longer ethereum 2.0 as it will be rebrand into "Consensus Layer." And if you go deeper with the news, you will see that there are more good features this rebranding offers. Hopefully, Vitalik's team will be responsible to address the main problem as sooner the better so that ethereum gas fees will not be considered for rich users only but definitely for all. Maybe we could just trust the developers team and wait for a positive result.

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Quote from: Al Qiyamah on February 11, 2022, 01:32:47 AM

Actually there is nothing to worry about with this rebranding, where later Ethereum 2.0 will run together with a consensus layer, where both have their respective roles with one goal is to improve the Ethereum network and better protect its users from fraudulent actions on the Ethereum network.

This might be a better and faster solution on fixing the current problem, its only the name or brand being changed, but the goal is still the same. Although there are problems seen before Eth2 rebranding happens, but i think the developers team will find ways on how to manage this. Vitalik knows that the ethereum competitors have lower gas fees offered so they come up with this rebranding to make ethereum a more productive smart network.

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Actually there is nothing to worry about with this rebranding, where later Ethereum 2.0 will run together with a consensus layer, where both have their respective roles with one goal is to improve the Ethereum network and better protect its users from fraudulent actions on the Ethereum network.

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Of course this is sad because most of my assets are ERC-20, but I hope there is a good solution to overcome the expensive gas fees, for example the presence of a special DEX that can make transaction fees cheaper.

The average DEX for the ERC-20 network is expensive and there is no way for anyone to get around the cheap transaction Gas fees except having to be on another network or waiting for Gwei fees to be cheap again on the ERC-20 network.

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Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

So will it impact on the Ethereum network ? Are we not shifting to PoS ? If so, then this mean that the high gas fee probelm will remain with Eth for a considerable long time now until a new solution is developed?

I wonder if the recent price drop in bitcoin and ethereum is because of this news Huh

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I have a lot of ERC20 network altcoins and I hope that someday ETH 2.0 will be released and gas costs can turn out to be much lower. but it seems that all my waiting and hopes will be in vain if ETH 2.0 is really not released. but I still hope that someday the ETH network fee will be much lower so I can make transactions with normal fees.
many development teams have opted for the BSC SOL or MATIC networks because of the significantly lower network costs, and if this continues they could of course threaten ETH's position as the king of altcoins.

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Quote from: dansus021 on January 31, 2022, 03:55:17 AM

i have opinion is little bit more conspiracy tho Grin

maybe the founder of eth or big dev in ethereum have largest mining farm so if they rushed the 2.0 they just kill the farm Grin

and yes people keep screaming about the gas fee but in the other hand layer 2 chain and layer 1 the eth killer keep poping up

They will risk the satisfaction of the entire eth community for their personal benefit! I highly doubt that, I think this is more technical than just satisfying personal gains,
If you already notice the time frame at which this was supposed to be live and the postponement, you will agree they were probably having a hard time delivering, since the main goal remains unchanged just the approach towards achieving it has, I don't think there is much cause for alarm, the devs know what will be best for the network I believe.

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Quote from: Erdogan on January 30, 2022, 09:48:29 PM

When it comes to renaming from ETH 2.0 to the consensus layer, it could actually just be a little chess move. However, when it comes to switching from PoS to PoW, it is a very big step forward. Once everything is in place, all other blockchains will be two years behind Ethereum. Of course, only if this change eliminates the problem of high transaction fees.

I don't think other blockchains will be "two years behind Ethereum" just because of a simple PoS upgrade. Competing chains not only have PoS or DPoS as their consensus layer, but also additional features not found on Ethereum. They may be less-decentralized, but that's not a cause for concern among everyday people. Convenience is what matters most these days, so people will use the chain that's the fastest and cheapest one in the world. It's no wonder why Solana (SOL) went all the way to the moon in an instant. "ETH 2.0" will solidify Ethereum's position on the market, but not to a point where it will destroy the competition altogether. The upgrade will only encourage competing chains to strengthen their development efforts in order to stay ahead of the game.

What matters is that ETH's gas fees decline so mainstream adoption for the cryptocurrency can rise back to its former glory. As long as it's economically-feasible to use Ethereum, nothing else matters. Just my opinion

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Quote from: sovie on January 31, 2022, 03:05:04 AM

If Ethereum wants to move forward or even survive, transaction fees must be lowered. The future of ETH depends on smart contracts and how many projects will want to exist on the Ethereum platform. I believe that Ethereum has great potential, but if the upcoming fork does not reduce the transaction fee to a level similar to other blockchains, I am afraid that this may be the beginning of the end for ETH.

Even on current situation where fees on eth is bloated, there are still lots of projects that are coming out under them so not they wont die but it does not look right if they wont fix the problems in the fees because so many people have waited for that. People have waited for eth 2.0 to finish because they think that this will solve the problem in the fee and then they will know that there will be no more eth 2.0? That sucks.

I guess this is also the time to leave eth, I mean do not expect anything good on them anymore because you will only get disappointed and besides we still have a replacement and it works pretty well better than eth.

Slow death

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from what I understand nothing has changed in relation to the technical aspects that will be implemented so this news is not very worrying in that sense, but why are they constantly giving names and changing things? This is what worries me besides the fees being high that I don't even use ETH to withdraw at any exchange, I prefer to use another altcoin that has cheaper fees

Quote from: avikz on January 31, 2022, 08:50:03 AM

Vitalik didn't really change the roadmap. His goal is to reduce the gas fees and move away from POS, is still pretty much on. But the previous method is scrapped and a new method is added to reach the same goal.

they've been promising to reduce gas fees for a long time, I hope they get it because the longer they
take other people to other projects

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Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

The article is a bit technical. But what I understood, Vitalik didn't really change the roadmap. His goal is to reduce the gas fees and move away from POS, is still pretty much on. But the previous method is scrapped and a new method is added to reach the same goal.

The article says,

Quote

Nothing really changes in terms of the roadmap. Staking and sharding to ease network congestion are still on the way, the former projected for 2022 and the latter for this year or next. But the foundation says the rebrand will help avoid scams, such as people getting hoodwinked by those telling them to exchange their ETH for ETH2, while doing away with the impression that the network is completely different.

Vitalik is a clever man. He understands the fact that the gas fees is really killing ETH. So I am sure he will eventually address this concern.

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I've been hearing about the issue of ETH 2.0 for more than a year because of the unreasonable transaction fees for the majority of users, before I wrote this post I tried to send ERC-20 tokens worth $140, but the transaction fee via Metamask was always above $35, and I canceled the transaction because transaction fees are too expensive, if the cost of ETH gas does not go down, it is certain that this year's ETH position will be out of the top 10.

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Quote from: dansus021 on January 31, 2022, 03:55:17 AM

i have opinion is little bit more conspiracy tho Grin

maybe the founder of eth or big dev in ethereum have largest mining farm so if they rushed the 2.0 they just kill the farm Grin

and yes people keep screaming about the gas fee but in the other hand layer 2 chain and layer 1 the eth killer keep poping up

I agree with you because if Bitcoin 2 comes, the value of the current coin will decrease. Because if one thing is the second thing, the value of that thing decreases and besides, there is a gas fee. The purchase of ether token for the ether of gas fee has almost stopped, so the owner of Bitcoin 2.0 may have stopped his project considering this.

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i have opinion is little bit more conspiracy tho Grin

maybe the founder of eth or big dev in ethereum have largest mining farm so if they rushed the 2.0 they just kill the farm Grin

and yes people keep screaming about the gas fee but in the other hand layer 2 chain and layer 1 the eth killer keep poping up

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Quote from: Ceyflix-Rez on January 27, 2022, 06:54:44 AM

Will this stop the PoS upgrade and get the PoW algorithm back in check? I guess not, this doesn't change anything only the name changed to me, high gas fee is the major problem of Ethereum but abandoning PoW algorithm won't do any good

They cant fix the scalability problems using POW, most L2 chains are using POS thats why they are able to promise the speed that eth cant achieve by now, POS is much lesser gas cost and fast than POW, small Ethereum users who cant afford from high gas cost are finding ways to use l2 because of this problems.

jeungo

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So video chip manufacturers are very satisfied with their sales. You can see in this the support of the coin rate by video card developers. And people from the ether coalition either say that it is necessary to preserve the environment, or they suddenly forget about it and begin to increase the capacity of the network again.

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Quote from: Bttzed03 on January 27, 2022, 09:46:59 AM

What's important to me is they do not change the main reason for the change which is the transition to POS and improvement of network scalability. There will be changes in the approach to switch but this is basically renaming.

Thank you. Now I feel better.
Just a moment ago upon reading the news I was in panic of what should I do. But it came from them, nothing should be done. You are correct it's just mere rebranding.
But how will the investors react to this will be out of their control especially if some of them really know nothing about the deep meaning of it, or the nerdy approach. Make it simple that can be understood by an average Joe and spread it all over social media.

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Quote from: Pejoh Asu on January 31, 2022, 02:38:33 AM

Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

Ethereum actually had a good time to beat bitcoin, sadly the high cost of gas made a lot of devs. who switch to BSC or Polygon and this is a tough challenge for ETH in the long term, for whales the cost of ETH gas is certainly not a problem, but they are missing out on another big market.

If Ethereum wants to move forward or even survive, transaction fees must be lowered. The future of ETH depends on smart contracts and how many projects will want to exist on the Ethereum platform. I believe that Ethereum has great potential, but if the upcoming fork does not reduce the transaction fee to a level similar to other blockchains, I am afraid that this may be the beginning of the end for ETH.

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Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

Ethereum actually had a good time to beat bitcoin, sadly the high cost of gas made a lot of devs. who switch to BSC or Polygon and this is a tough challenge for ETH in the long term, for whales the cost of ETH gas is certainly not a problem, but they are missing out on another big market.

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Quote from: Ceyflix-Rez on January 27, 2022, 06:54:44 AM

Will this stop the PoS upgrade and get the PoW algorithm back in check? I guess not, this doesn't change anything only the name changed to me, high gas fee is the major problem of Ethereum but abandoning PoW algorithm won't do any good

if you read the article, it will just be a rebrand. POS and sharding will still continue and if Eth remains to be a PoW, it will be a big problem in the future since some countries are already proposing in banning crypto mining activities. its a wise choice for Eth to continue on the pos mechanism.

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Quote from: wheelz1200 on January 30, 2022, 09:38:09 PM

Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

Not surprising honestly. All these gimmicks are just chess moves to try to stay relevent but in the grand scheme of things it's all pointless moves. Problem that eth has now is what happens if nfts and token releases don't gain any traction in a blue bear market. The next 1-2 years will be very telling for eth as far as where they will be positioned in the top tier of coins.

When it comes to renaming from ETH 2.0 to the consensus layer, it could actually just be a little chess move. However, when it comes to switching from PoS to PoW, it is a very big step forward. Once everything is in place, all other blockchains will be two years behind Ethereum. Of course, only if this change eliminates the problem of high transaction fees.

MFahad

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They will definitely do some good for high gas fee. Most of Eth gas fee surf on Opensea and Decentralized exchange. If Solona and fantom are added to opensea,the demand of Eth will reduce.
I surprised to see this News, why they don't care of this. If they fail to control high fee then they will be deprived of high quality project which are now launching on other networks.

wheelz1200

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Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

Not surprising honestly. All these gimmicks are just chess moves to try to stay relevent but in the grand scheme of things it's all pointless moves. Problem that eth has now is what happens if nfts and token releases don't gain any traction in a blue bear market. The next 1-2 years will be very telling for eth as far as where they will be positioned in the top tier of coins.

og kush420

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Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

From what I understand, the main assumptions do not change. First of all, it is about changing from Proof of Work to Proof of Stake and it will be done. As for me, it looks more like a simple rename with cosmetic fixes and nothing else.

zonefloor

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As far as I understand from the article, 2.0 seems to have only been renamed, not cancelled. The reason for this is that it comes with another system and name to remove the staking network and various bottlenecks. I do not think that this change of ETH will harm it, on the contrary, this is news that will make miners happy. But whatever they are doing now, they should do it as soon as possible because we will be in a position to be unable to transact with these network fees. At the slightest news, the system gets clogged and we have to deal with very high transaction fees.

Abiky

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Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

I don't think that is a good decision made by Vitalik and the Foundation itself. It will only bring more confusion to the public. Changing names/brand now when ETH 2.0 was announced for a long time, will make people believe that ETH will not undergo a major upgrade/improvement. I can imagine how big the hype would've been by naming ETH's next upgrade "ETH 2.0" (instead of the "consensus layer").

Now that the name's been changed, we're going to have to see how the market will behave in the long term. Crypto prices are still bearish these days, so if ETH's next upgrade activates this year, there won't be much difference in ETH's price. That's the least reason to worry about, since crypto is all about usability. People are sick and tired of paying high gas fees on the ETH blockchain, so the PoS upgrade is a must. The longer it takes to become a reality, the more ETH will lose ground on the market. What matters is decentralization. As long as ETH is able to stay decentralized even after adopting PoS, there should be nothing to worry about. Just my opinion

Kemarit

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Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

I don't think there will be a big impact, it was just a rebranding. What's important is that they can deliver on time because this is what their critics is singing about the people behind as there have been delays after delays.

So again, if you look closely, there is no change, perhaps just the semantics, but everything is still Vitalik from ground up.

Bttzed03

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It doesn't really change what I think of Ethereum.

Quote from: https://blog.ethereum.org/2022/01/24/the-great-eth2-renaming/

Eth1 → execution layer
   Eth2 → consensus layer
   Execution layer + consensus layer = Ethereum

Let’s explore why.
Tl;dr;

   The terms Eth1 and Eth2 (Ethereum 2.0) are being phased out
   Execution layer (Eth1) and consensus layer (Eth2) are the new terminologies
   The roadmap to scale Ethereum in a decentralized way remains the same
   You don’t need to do anything

What's important to me is they do not change the main reason for the change which is the transition to POS and improvement of network scalability. There will be changes in the approach to switch but this is basically renaming.

GreatArkansas

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Ethereum 2.0 is more likely hype for Ethereum but I believe it is still a thing even there will be more updates we will see like this.
To be honest, Ethereum is already a smart contract platform for me, but there are problems, and here's the Ethereum team or contributors solving those problems such as scalability.
With this Ethereum 2.0, I believe it will still solve the problem of Ethereum, so no need to worry for me.

lobo13hf

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Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

But you may miss this point that i got it from the article.

Quote

Nothing really changes in terms of the roadmap. Staking and sharding to ease network congestion are still on the way,

that means a solution to fix the problem that has been facing by ethereum since a long time ago is still happening and it's still in the progress. It's clearly said that rebrand will be used to avoid the scam. We know that so many scammers are taking the advantage from anything that became massive.

I have no problem with rebrand as long as the technical problem will be totally solved.

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Quote from: takngantuk on January 27, 2022, 08:48:46 AM

Quote

"Henceforth, Eth1 will be known as the "execution layer" and Eth2 will be the "consensus layer." Whereas the execution layer is where all the smart contracts and network rules reside, the consensus layer makes sure all the devices contributing to the network are acting in line with the rules—and penalizing those that don't. Together, the two layers will merge into just plain ol' Ethereum after the consensus layer is ready to replace the current mining system."

so that means there is no new network?. this is just network upgrade by making it 2layer? so that means the speculation about ethereum 2.0 is over. ethereum 2.0 will never be released, and our long wait has been in vain.

I was saddened about eth 2.0 because my rig won't be used anymore, I am miner and this news is maybe good for me if I could keep on making good revenues on my rigs. If somehow another layer and more shares to be given to miners the this will be a really good news for small time miners like me.

takngantuk

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Quote

"Henceforth, Eth1 will be known as the "execution layer" and Eth2 will be the "consensus layer." Whereas the execution layer is where all the smart contracts and network rules reside, the consensus layer makes sure all the devices contributing to the network are acting in line with the rules—and penalizing those that don't. Together, the two layers will merge into just plain ol' Ethereum after the consensus layer is ready to replace the current mining system."

so that means there is no new network?. this is just network upgrade by making it 2layer? so that means the speculation about ethereum 2.0 is over. ethereum 2.0 will never be released, and our long wait has been in vain.

Ceyflix-Rez

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Will this stop the PoS upgrade and get the PoW algorithm back in check? I guess not, this doesn't change anything only the name changed to me, high gas fee is the major problem of Ethereum but abandoning PoW algorithm won't do any good

blockman

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I'm not fond of technical jargon about development but upon reading an article about this from fool.com. There's no need to worry for the normies like me, there will be no new token and it's just a rebranding that they've agreed upon. Yes, there's no more ETH 2.0 but there's now the Ethereum consensus layer, CMIIW. But with the said rebranding, it's still aiming to lessen the fees and the upgrade that we needed to see despite somehow the increase in fee is still tolerable, the aim is just to end it or at least reduce it just like before.

masterrex

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Quote from: cheezcarls on January 27, 2022, 06:35:34 AM

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

IMO, I think it is up to everyone in the community because in myself I believe Ethereum is already great even before! until it was changed when the expensive gas problem has become the center of controversy and problem in the Platform. I don't care about those delayed and blah blah about the Eth. 2.0 development all I care about is sustainable, smooth, and much cheaper transaction fees.

cheezcarls

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It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

Topic: BREAKING! ETH 2.0 is no more!!! (Read 393 times)